Medicare is a national, U.S. federal government health insurance program. It is designed to be used by adults aged 65 or older as well as those with certain chronic medical conditions or disabilities. Medicare is very useful as it covers doctor’s visits, medications, and hospital stays; however, it doesn’t cover everything. There will still be out-of-pocket-costs such as deductibles, coinsurance, and copayments. This is exactly where Medicare Supplement Insurance comes in.
Q. What is Medicare Supplement Insurance?
Medicare Supplement Insurance is additional coverage for Medicare. It is also called Medigap insurance, which fills in for Medicare cost gaps. This means Medigap insurance will cover many out-of-pocket expenses that Medicare won’t pay for.
Q. Is Medigap the Same as The Medicare Advantage Plan?
No, Medigap is not the same as Medicare Advantage. Medicare has several parts, Part A and Part B coverage. The Medicare Advantage plan is considered part C. Medigap is simply an add-on to Parts A and B.
Q. What Types of Medicare Supplement Insurance Policies Exist?
Medigap policies come in alphabet plans of A through N. The various policies offer specific sets of benefits. The bare minimum for insurance companies is to at least carry Plan A coverage.
Q. What Does Medicare Supplement Insurance Cover?
Medicare Supplement Insurance will cover the cost that you would normally have to be responsible for. This can include deductibles (the amount you must pay before Medicare coverage kicks in), coinsurance (your share of the cost for medical service), and copayments (a set percentage of the cost for medicine or other health services). Medigap will also cover certain services that Medicare will not, such as the cost of medical care when you travel outside of the United States.
Q. What Does Medicare Supplement Insurance Not Cover?
Medigap does not cover prescription drugs. You will need to sign up for Medicare Part D for prescription drug coverage. In addition, the Medigap policy will not cover dental care, hearing aids, private nursing, eyeglasses, long term care or routine vision care.
Q. How Does Medicare Supplement Insurance Work?
You can buy Medicare Supplement Insurance coverage through a private insurance company. A monthly premium will be collected by that company in addition to the premium you already pay for Medicare. Medicare Supplement Insurance is issued on an individual basis. Therefore, if you are married, you and your spouse will have to buy a separate policy. When you visit the doctor or have to stay in a hospital, your Medicare part A or B will be applied first. Then, your supplement insurance will cover any additional costs.
Q. When Is the Best Time to Sign Up?
The best time to sign up for Medicare Supplement Insurance is during the open enrollment period. It is at this time where you will get the best prices and the most coverage. However, there may be a waiting period for coverage of preexisting conditions.
Q. Where Can You Buy It From?
You can buy Medicare Supplement Insurance from a local licensed private insurance company. Coverage and cost can vary from plan to plan. Be sure to do your due diligence in researching and selecting the right plan for you.